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• stocknews 2:45 pm on May 31, 2011 Permalink | Reply
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  KLSE 

  Dated 2011-05-31

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  Maybank, CIMB eye RHB merger Malaysia’s two largest lenders Malayan Banking and CIMB Group have separately obtained Bank Negara approval to start talks with RHB Capital on a possible merger, which would create one of the largest banking groups in Southeast Asia.The companies ann…..   Maxis Q1 net income narrows to RM539m Maxis Bhd, Malaysia’s biggest mobile-phone operator, said first-quarter net income fell to RM539 million from RM552 million a year earlier.Revenue dropped to RM2.13 billion in the three months ended March, from RM2.15 billion a year ago, the Kuala Lu….. Malaysia Airports Q1 profit at RM88m Malaysia Airports Holdings Bhd said first-quarter profit rose to RM88.1 million from RM73.1 million a year earlier.Revenue climbed to RM610.4 million from RM498.6 million, the company said in a statement to the Kuala Lumpur stock exchange today. — B….. Tradewinds, Zeland jointly bid for hospital job KUALA LUMPUR: Tradewinds Corp Bhd has signed a memorandum of understanding (MOU) with Zeland Bhd to develop Hospital PakarKanak-Kanak, Universiti Kebangsaan Malaysia through public-private partnership.In a filing to Bursa Malaysia today, Tradewinds s….. Maxis cuts 2011 capex to RM1.3b KUALA LUMPUR:Maxis Bhd has lowered its estimated capital expenditure (capex) for 2011 to RM1.3 billion from an earlier projection of RM1.5 billion. Group Chief Executive Officer Sandip Das said the reduction was due to enhanced efficiency within the ….. MMC downgraded to ‘neutral’ MMC Corp, a Malaysian ports, power and construction group, was downgraded to ‘neutral’ from ‘trading buy’ at OSK Research Sdn Bhd, cutting its fair value to RM3.08 from RM3.62.Gas Malaysia Sdn. a 41.8 per cent-owned affiliate, will see narrower margi….. AmResearch keeps ‘hold’ call on Tenaga With the electricity tariffs increase having a minimal impact on Tenaga Nasional Bhd, AmResearch Sdn Bhd says it is recommending a ‘hold’ call on the utility stock on Bursa Malaysia. ‘We maintain our hold call on Tenaga with a slightly higher derived….. Need for better gas pricing benchmark KUALA LUMPUR: The Federation of Malaysian Manufacturers (FMM) is asking that the government set a better benchmark for natural gaspricing rather than use fuel oil prices as the benchmark for market price. ‘A fair benchmark would be natural gas, ex-Bi….. China also raises electricity tariffs KUALA LUMPUR: China raised electricity tariffs amid rising costs brought on by prices of natural gas, coal and crude oil, similar to the challenges faced by Malaysia, an economist said today.The Chinese authorities were taking preemptive measures,by ….. Tenaga surges to 32-month high Tenaga Nasional Bhd surged the most in 32 months in Kuala Lumpur trading after the national power distributor won Malaysian government approval to raise electricity prices for the first time in almost three years.The stock jumped 8.9 per cent to RM7…… Tenaga raised to ‘buy’ at Citigroup Tenaga Nasional Bhd was raised to ‘buy’ from ‘sell’ at Citigroup Inc after Malaysia’s biggest utility said it will raise electricity charges by an average 7.1 per cent.The share price estimate was increased to RM7.90 from RM6.10, analyst Ng Yong Yin ….. Steel sector gets ‘neutral’ call from OSK KUALA LUMPUR: OSK Research Sdn Bhd has reiterated a ‘neutral’ call for the steel sector while stating that the government’s decision to increase power tariffs is untimely for steel mills. ‘Steel mills currently suffer from a shrinking profit margin a….. Axiata Q1 pre-tax profit down to RM902.2m KUALA LUMPUR: Axiata Group Bhd posted a lower pre-tax profit of RM902.2 million in the first quarter ended March 31, 2011, compared with RM1.22 billion in the same period last year. However, revenue increased 3.3 per cent to RM3.94 billion from RM3.8….. Tariff review not to affect biz expansion KUALA LUMPUR: The electricity tariff review is not expected to affect expansion of companies in the country, International Tradeand Industry Minister Datuk Seri Mustapa Mohamed said today. \’The companies that I met today, their businesses are runnin….. Brem a ‘buy’ at RM1.80, says HwangDBS HwangDBS Vickers Research has set a trading ‘buy’ call on property developer and investor Brem Holdings Bhd, with a target price of RM1.80, a potential 17.3 per cent upside from its current price of RM1.62. This is after considering its smaller marke….. Govt needs to spend wisely: Yakcop KUALA LUMPUR: Following the subsidy rationalisation plan announced yesterday, Minister in the Prime Minister’s Department Tan Sri Nor Mohamed Yakcop said the government needs to spend funds wisely to sustain the country’s future development. ‘The r….. Affin Cap starts voluntary winding-up Affin Capital Sdn Bhd today commenced Member’s Voluntary Winding-up pursuant to Section 254(1)(b) of the Companies Act, 1965. ‘The Member’s Voluntary Winding-up of Affin Capital is to rationalise and streamline the AHB Group Structure,’ Affin Holding….. Malaysia June inflation may accelerate: Citi Malaysia’s inflation in June may accelerate to between 3.7 per cent and 3.8 per cent from a year earlier after the government raised gas and power prices, according to Citigroup Inc.’Unless the mild growth momentum slowdown in the second quarter turn….. Malaysia Airports, Malaysia Marine climb Malaysia Airports Holdings Bhd and Malaysia Marine and Heavy Engineering Bhd rose to records in Kuala Lumpur trading ahead of their inclusion into the MSCI Malaysia Index.Shares of Malaysia Airports, the nation’s airports operator, climbed 3.7 per ce….. Tapis crude to be set at US$122.71 for May Malaysia’s official selling price for Tapis crude will be set at US$122.71 a barrel for May, down US$4.08, or 3.2 per cent, from April, according to a Bloomberg News calculation using a formula set by state-owned Petroliam Nasional Bhd, or Petronas. ….. BIMB deposits grew to RM26.9b in 2010 KUALA LUMPUR:Bank Islam Malaysia Bhd’s (BIMB) deposits for the 18-month financial year ending Dec 31, 2010 grew by RM1.7 billion to RM26.9 billion from RM25.2 billion in financial year ending June 30, 2009. Its managing director, Datuk Seri Zukri Sam….. Lafarge slides on gas, power price increases Lafarge Malayan Cement Bhd, Malaysia’s biggest cement maker, fell the most in almost two weeks in Kuala Lumpur trading after the government raised gas and electricity prices.The stock slid 1.6 per cent to RM7.37 at 9:10 a.m. local time, set for its s….. NCER gets RM3.23b investments Jan-Apr 2011 KUALA LUMPUR: The Northern Corridor Economic Region (NCER) recorded RM3.23 billion worth of investments via private sectorparticipation between January and April.’The initiatives have created a total of 18,930 jobs for locals living in the area and t….. 1Msia Youth Fund has RM17m to disburse KUALA LUMPUR: There is still RM17 million in the 1Malaysia Youth Fund to be disbursed to those between the ages of 15 and 40 torealise their ideas on promoting unity.Introduced on Jan 21 this year, the grant from the fund is the first of its kind off….. KLK merge German subsidiaries KUALA LUMPUR:Kuala Lumpur Kepong Bhd (KLK) announced that it was notified by the local courts in Germany that the merger process of its Germany incorporated wholly-owned subsidiaries, KLK Emmerich GmbH and KLK Oleo Europe GmbH, had completed on May 3…..

  India to quadruple nuke energy by 2020 NEW DELHI: Power-hungry India, Asia’s third largest economy, plans to quadruple its nuclear power capacity by 2020 to meet rising domestic energy demands. ‘Our nuclear energy production is three per cent of the total energy production in our system. …..   Nazir to share on building CIMB brand The Chief Executive of the CIMB Group Datuk Seri Nazir Razak will attend the prestigious CEO Night 2011 to share his experience in successfully building the CIMB brand which is not only outstanding in Malaysia but has excelled regionally. The event, ….. E&O falls on 72pc profit slump Eastern and Oriental Bhd, a Malaysian property and hotels group, fell the most in more than three weeks in Kuala Lumpur trading after reporting a 72 per cent drop in quarterly profit.The stock fell 3.4 per cent to RM1.44 at 9:05 a.m. local time, set ….. Padini rises on 41pc Q3 earnings jump Padini Holdings Bhd, a Malaysian garment maker and retailer, rose the most in more than a month in Kuala Lumpur trading after reporting a 41 per cent jump in third-quarter earnings.The stock increased 4.6 per cent to RM1.13 at 9:12 a.m. local time, s….. Ireka suffers pre-tax loss of RM11m KUALA LUMPUR:Ireka Corporation Bhd’s registered a pre-tax loss of RM11.03 million for the financial year ended March 31, 2011 ascompared to a pre-tax profit of RM9.2 million in the same quarter 2010.Revenue increased 13.1 per cent to RM444.5 million ….. MNRB eyes 10-15pc revenue growth KUALA LUMPUR: MNRB Holdings Bhd is aiming for a 10 to 15 per cent growth in revenue in its current financial year, given an encouraging performance in the previous year, its Group Chief Operating Officer, Datuk Ramlan Abdul Rashid said. He said the t….. Ringgit ends higher against US dollar KUALA LUMPUR:The ringgit traded higher against the US dollar today supported by strong buying interest, dealers said.At 5pm, the local unit was traded at 3.0125/0155 against the US dollar,compared with 3.0170/0200 at the close yesterday. ‘The stronge….. ‘Malaysia needs more dynamic private sector’ Malaysia needs a more dynamic private sector to ensure it achieves 6 per cent annual growth in the face of a ‘fragile’ global economy and ‘stiff’ competition from lower cost neighbours for investment, Second Finance Minister Ahmad Husni Hanadzlah sai….. Matrade opens office in Poland FRANKFURT: The Malaysia External Trade Development Corporation (Matrade) has established a new office in the Polish capital, Warsaw, thus adding a new link to its network of offices around the globe. Although Matrade has taken the premises for its ne….. KL shares close higher KUALA LUMPUR:Share prices on Bursa Malaysia closed higher today on late buying of bluechips particularly finance and plantation-related stocks, dealers said. At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) increased 15.45 points to end at 1….. Malaysia May palm exports up 7.9pc: ITS Malaysia’s palm oil exports rose 7.9 per cent in May compared with the previous month, independent market surveyor Intertek said.A total of 1,354,516 metric tons of the commodity were tracked from May 1 to May 31, versus 1,255,392 tons in April, Inte….. Asian markets closed higher Asian markets closed higher today on news that the European Union is drafting additional assistance for indebted Greece’s funding needs…… All eyes on impact of electricity rate increase on consumers PETALING JAYA: It remains to be seen whether companies will pass on to consumers the higher cost of business stemming from the rise in electricity tariffs and gas prices…… Electricity tariff hike to help TNB cover extra costs KUALA LUMPUR: After several rounds of deferment and a long wait, Tenaga Nasional Bhd (TNB) has finally gotten the green light to implement new electricity tariff rates which will help it mitigate the effects of higher gas prices…… Companies look for power way, way up in the sky BOSTON: The world’s strongest winds race high in the sky, but that doesn’t mean they’re out of reach as a potentially potent energy source. Flying, swooping and floating turbines are being developed to turn high-altitude winds into electricity. The c….. China hikes electricity prices SHANGHAI: China has raised electricity rates for some industrial users as parts of the country grapple with their worst energy crisis in years, despite concerns higher costs may add to inflation…… Minority shareholders should ask for more THE minority shareholders of two property companies have to ponder over whether to accept takeover offers of their companies. The offers though don’t look attractive; hence minority shareholders should ask for more. The great thing is, they have all ….. Measat in broadband deal with Thaicom KUALA LUMPUR: Measat Global Bhd has signed a 10-year deal with Thailand’s sole private satellite operator, Thaicom Public Company Ltd, to provide bandwidth capacity and its related broadband services in Malaysia, to be called Measat 5…… Analysts have mixed views on Genting’s land purchase in Florida PETALING JAYA: Genting Malaysia Bhd’s land acquisition in Miami, Florida for US$236mil received mixed reactions from analysts while the move is seen as the way to diversify its earnings base and spur growth going forward…… Mixed views on two offers PETALING JAYA: Reactions of analysts are mixed about whether minority shareholders of Asia Pacific Land Bhd (AP Land) and OSK Property Holdings Bhd should accept takeover offers for the property developers…… BHIC joint venture to produce artillery propellants KUALA LUMPUR: Boustead Heavy Industries Corp Bhd (BHIC) signed a joint-venture deal with Prokhas Managers Sdn Bhd (PMSB) yesterday to supply artillery propellants to the Malaysian Armed Forces…… Analysts upbeat on Sime PETALING JAYA: Analysts are confident that Sime Darby Bhd is making progress with the portfolio review and divestment of non-core assets after suffering massive losses in the oil and gas division a year ago…… Sime looking after welfare of estate workers in Liberia MONROVIA (Liberia): Sime Darby’s entry into Liberia poses a tough challenge not just in terms of issues relating to the land it has obtained to develop oil palm and rubber plantations but also providing for its workers and their children…… Mixed blessings for Perodua KUALA LUMPUR: Perusahaan Otomobil Kedua Sdn Bhd (Perodua) views the converging factors such as rising inflation, the gradual reduction in fuel subsidies and the possible increase in hire purchase (HP) interest rates, as a double-edged sword to its au….. EIG proposes rights issue PETALING JAYA: Esthetics International Group Bhd (EIG) has proposed a rights issue of 52.8 million rights shares with 52.8 million free detachable warrants on the basis of two rights shares and two free warrants for every five existing EIG shares…… Oldtown updates IPO prospectus PETALING JAYA: In an updated prospectus draft, Oldtown Bhd is pricing its issue/offer price at RM1.25 per share for its initial public offering (IPO) of 96.4 million shares of RM1 each, instead of offering 59.5 million shares as stated in its first d….. MFM proposes share split PETALING JAYA: Malayan Flour Mills Bhd (MFM) has proposed a share split of every one existing ordinary share of RM1 each in the company into two new ordinary shares of 50 sen each…… SC approves Maybank’s note programme KUALA LUMPUR: The Securities Commission has approved Malayan Banking Bhd’s (Maybank) establishment of a subordinated note programme with up to RM3bil in nominal value…… Nomination for new auditors PETALING JAYA: Lebar Daun Bhd has received a notice of nomination from Datuk Noor Azman @ Noor Hizam Mohd Nurdin, a substantial shareholder of the company, for the nomination of Messrs Afrizan Tarmili Khairul Azhar as auditors of the company for….. Wahid resigns as Bursa director PETALING JAYA: Datuk Seri Abdul Wahid Omar has resigned from his position as Bursa Malaysia Bhd non-executive director…… Texchem’s ratings outlook revised to negative PETALING JAYA: RAM Rating Services Bhd has revised the outlook of manufacturer Texchem Resources Bhd’s RM100mil commercial papers/medium-term notes (CP/MTN) programme to negative from stable after losses in three of the company’s five….. S&P cuts tsunami hit Tepco rating to junk TOKYO: Ratings agency Standard and Poor’s cut its credit rating on Tokyo Electric Power to junk status yesterday, saying the utility’s bank lenders were more likely to be forced to write off debt as part of a restructuring scheme to compensate victim….. CIMB Q1 results slightly below expectations PETALING JAYA: CIMB Group’s first quarter results came in slightly below expectations but the second half will likely be boosted by stronger capital market activities, higher domestic net interest margin (NIM) and impact from various economic transfo….. PLUS Q1 net profit increases to RM495mil PETALING JAYA: PLUS Expressways Bhd’s net profit for its first quarter ended March 31 rose by 75.3% to RM495.1mil as it received RM364mil of compensation in accordance with the terms in the current concession agreements…… TIME Q1 net profit up 22% to RM23mil PETALING JAYA: TIME dotCom Bhd net profit for the first quarter ended March 31 surged 21.8% to RM22.9mil from a year ago due to higher revenue and improved margins…… High demand for modipalm mills SUBANG: CB Industrial Product Holding Bhd, is bidding for contracts for the construction of modipalm mills worth RM400mil in the local and overseas markets…… Japan’s factory output rises 1.0% in April TOKYO: The government says Japan’s industrial output in April rose 1.0 percent from the previous month…… Japan jobless rate in April rises to 4.7% TOKYO: The government says Japan’s unemployment rate rose to 4.7 percent in April…… Economies around the world are growing more slowly WASHINGTON: From the United States to Europe and even to booming China, the global economy is showing signs of strain…… Fiat willing to buy Canada’s Chrysler stock TORONTO: The chief executive officer of Chrysler and Fiat said Monday he and Canadian authorities have begun talking about purchasing Canada’s 1.7 percent ownership in Chrysler…… Venezuelans battling soaring food prices EL TIGRE, Venezuela: Soaring food prices are forcing many Venezuelans to change their eating habits, trim their shopping lists and set aside more of their earnings to feed their families…… Report: Hong Kong IPO planned for Samsonite NEW YORK: Private equity firm CVC Capital partners will take Samsonite International S.A. public on the Hong Kong stock exchange in early June, according to a published report…… Renault taps Nissan executive as new COO PARIS: French automaker Renault SA named a top executive of Nissan Americas as its new chief operating officer on Monday, in an effort to move on from an embarrassing scandal around false accusations of espionage…… Germany decides to abandon nuclear power by 2022 BERLIN: Europe’s economic powerhouse, Germany, is to abandon nuclear energy over the next eleven years — drawing up an ambitious plan in the wake of Japan’s Fukushima disaster to replace atomic power with renewable energy sources…… ECB official: New Greek aid under study FRANKFURT, Germany: Greece could get another €20 billion ($28 billion) in aid from its fellow euro countries and raise three times that through new austerity measures such as selling government property, a top European Central Bank official says…… Japan auto production drops 60.1% in April TOKYO: Auto production in Japan has plunged 60.1 percent in April from the previous year after the March earthquake and tsunami destroyed key parts suppliers in northeastern Japan…… Oil rises to above US$101 in asia Tuesday SINGAPORE: Oil prices rose to above US$101 a barrel Tuesday in Asia as a weakening U.S. dollar made crude cheaper for investors with other currencies…… ECB’s Smaghi warns against default repercussions LONDON: The idea that a Greek debt restructuring could be carried out in an orderly way is a “fairytale”, European Central Bank board member Lorenzo Bini Smaghi said in an interview published yesterday…… Daewoo drops Entekhab for Electrolux SEOUL: A US$513mil takeover deal for South Korea’s Daewoo Electronics Co Ltd has collapsed, leaving its creditors-turned-shareholders to tap reserve bidder, Swedish electronics firm, Electrolux AB. ….. HSBC eyes Islamic bank services in Australia SYDNEY: Banking giant HSBC is thinking of introducing Islamic financial services in Australia where the government is keen to use such offerings to grow as a regional finance hub, according to HSBC……

   

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